Persistent Inequality
当人力资本积累产生跨职业的金钱外部性且资本市场不完善时，任何稳态下效用和消费的持续不平等都不可避免。投资的可分性影响稳态的多重性和帕累托效率。
When human capital accumulation generates pecuniary externalities across professions, and capital markets are imperfect, persistent inequality in utility and consumption is inevitable in any steady state. This is true irrespective of the degree of divisibility in investments. However, divisibility (or fineness of occupational structure) has implications for both the multiplicity and Pareto-efficiency of steady states. Indivisibilities generate a continuum of inefficient and efficient steady states with varying per capita income. On the other hand, perfect divisibility typically implies the existence of a unique steady state distribution which is Pareto-efficient. Copyright 2003, Wiley-Blackwell.